Buy Marico | CMP: Rs 667 | Stop Loss: Rs 640 | Target: 720
The 14 period RSI indicator has turned up from the centreline which indicates upward momentum and the stock has space to move up. The Weekly and Monthly price has broken out from a consolidation zone from October 2021 and has begun a trendy move.
Buy Apollo Tyres | CMP: Rs 550 | Stop loss: Rs 530 | Target: Rs 590
On the Daily Chart, price broke out of a Rectangle Pattern on July 16 with higher-than-average buying volumes at Rs 550. The most recent candle has formed a large real body with small upper and lower wicks indicating the buyers were in control during the day.
The ADX Indicator has been moving up since its trough which indicates the up move has strength to support it.
On the Weekly Chart, the price has formed a double bottom which is a bullish reversal pattern and the most recent candle pattern is a Rising 3 method which is a bullish continuation pattern.
Godrej Properties | CMP: Rs 3,381 | Stop loss Rs 3,280 | Target: Rs 3,565
On the Daily Chart, price has formed a pole and flag pattern with an upward breakout at Rs 3,385. The on balance volume indicator has made higher highs which gives additional conformation to the up move. On the Weekly Chart, price has broken the higher range of the previous 2 weeks inside bars which indicate the pause in the previous trend has ended and the stock is ready to move up again.
On the Monthly Chart, Price broke out of a CUP pattern in April and has opened gap up for every month since with big green real bodies which indicate strong bullish momentum.
(Chandan Taparia is a senior vice president of equity derivatives & technicals, broking & distribution at Motilal Oswal Financial Services Ltd. Views expressed are his own.)
First Published: Jul 18 2024 | 7:36 AM IST
